Elon Musk has been dethroned as the world’s richest individual, according to updated reports from Bloomberg. The crown has now passed to Larry Ellison, the co-founder and chief technology officer of Oracle.
Musk, 54, has had a turbulent year—briefly leading the Department of Government Efficiency (DOGE), endorsing boxer Conor McGregor’s run for the presidency of Ireland, and enduring repeated declines in Tesla’s stock value. Now, he adds losing his top spot on the Bloomberg Billionaires Index to the list.
Ellison, 81, reportedly surged by $101 billion in net worth after Oracle announced quarterly results that exceeded expectations. The company attributed its strong performance to AI clients and rising demand for its data centers.
As of Wednesday, 11 a.m. ET, Oracle shares were up 40 percent, according to CNN Business. This dramatic rise boosted Ellison’s fortune to $393 billion, overtaking Musk’s $384 billion. Bloomberg noted that Ellison’s gain marks the largest one-day increase ever recorded on its index.
This is not the first time Musk has lost the title. Since first becoming the world’s wealthiest person in 2021, he has previously been surpassed by LVMH CEO Bernard Arnault and Amazon founder Jeff Bezos.
Once the Bloomberg Index updates, Musk will officially fall to second place, behind Ellison but ahead of Mark Zuckerberg, Jeff Bezos, and former Google CEO Larry Page, who will occupy the third, fourth, and fifth spots respectively.
Ellison’s rise comes just days after Tesla revealed it would grant Musk a $1 trillion compensation package if he succeeds in raising the company’s market value from $1.1 trillion to $8.5 trillion (A$12.9 trillion) within the next decade.
To achieve this, Musk must meet 12 operational targets, including the rollout of robotaxis and humanoid robots, as well as boosting profits measured by adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA), according to news.com.au.
If successful, Musk’s stake in Tesla would rise from nearly 16 percent to more than 25 percent, potentially making him the world’s first trillionaire. However, he will forfeit the compensation if he fails to hit the targets or ceases serving Tesla in an “approved role.”
Source: unilad.com